Sonic Automotive Inc (SAH) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Sonic Automotive second-quarter 2025 earnings conference call. This conference call is being recorded today, Thursday, July 24, 2025. Presentation materials which accompany management's discussion on the conference call can be accessed at the company's website at ir.sonicautomotive.com.

早安，歡迎參加 Sonic Automotive 2025 年第二季財報電話會議。本次電話會議於今天（2025 年 7 月 24 日，星期四）錄製。管理層在電話會議上的討論的演示材料可以在公司網站 ir.sonicautomotive.com 上查閱。

At this time, I would like to refer to the Safe Harbor statement under the Private Securities and Litigation Reform Act of 1995. During this conference call, management may discuss financial projections, information, or expectations about the company's products or market, or otherwise make statements about the future. Such statements are forward looking and subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These risks and uncertainties are detailed in the company's filings with the Securities and Exchange Commission.

此時，我想提及 1995 年《私人證券和訴訟改革法案》下的安全港聲明。在電話會議期間，管理階層可能會討論財務預測、資訊或相關公司產品或市場的預期，或以其他方式對未來做出陳述。此類聲明具有前瞻性，受多種風險和不確定性的影響，可能導致實際結果與所作的聲明有重大差異。這些風險和不確定性在公司向美國證券交易委員會提交的文件中詳細說明。

In addition, management may discuss certain non-GAAP financial measures as defined by the Securities and Exchange Commission. Please refer to the non-GAAP reconciliation tables in the company's current report on Form 8-K filed with the Securities and Exchange Commission earlier today.

此外，管理階層可能會討論美國證券交易委員會定義的某些非公認會計準則財務指標。請參閱公司今天稍早向美國證券交易委員會提交的 8-K 表當前報告中的非 GAAP 對帳表。

I would now like to introduce Mr. David Smith, Chairman and Chief Executive Officer of Sonic Automotive. Mr. Smith, you may begin your conference.

現在我想介紹 Sonic Automotive 董事長兼執行長 David Smith 先生。史密斯先生，您可以開始您的會議了。

Thank you very much, and good morning, everyone. Welcome to the Sonic Automotive second-quarter 2025 earnings call. I'm David Smith, the company's Chairman and CEO. Joining me on today's call is our President, Jeff Dyke; our CFO, Heath Byrd; our EchoPark Chief Operating Officer, Mr. Tim Keen; and our VP of Investor Relations, Danny Wieland.

非常感謝，大家早安。歡迎參加 Sonic Automotive 2025 年第二季財報電話會議。我是大衛史密斯，公司董事長兼執行長。參加今天電話會議的還有我們的總裁 Jeff Dyke、我們的財務長 Heath Byrd、我們的 EchoPark 首席營運長 Tim Keen 先生以及我們的投資者關係副總裁 Danny Wieland。

I would like to open the call by sincerely thanking our amazing teammates for continuing to deliver a world-class guest experience for our customers. We believe our strong relationships with our teammates, our guests, and manufacturer lending partners are key to our future success. And as always, I would like to thank them all for their continued support and loyalty to the Sonic Automotive team.

首先，我想真誠地感謝我們出色的隊友繼續為我們的客戶提供世界一流的賓客體驗。我們相信，與我們的隊友、客人和製造商貸款合作夥伴建立牢固的關係是我們未來成功的關鍵。像往常一樣，我要感謝他們對 Sonic Automotive 團隊的持續支持和忠誠。

Turning now to our second-quarter results. Primarily as a result of a non-cash charge, a non-cash charge relating to our annual Franchised asset impairment testing, reported GAAP EPS was a loss of $1.34 per share. Excluding these non-cash impairment charges and the effect of certain other items as detailed in our press release this morning, adjusted EPS for the second quarter was $2.19 per share, which was a 49% increase year over year. Consolidated total revenues were a second quarter record, up 6% year over year, while consolidated gross profit grew 12% and consolidated adjusted EBITDA increased 22%.

現在來談談我們的第二季業績。主要是由於非現金費用，即與我們的年度特許資產減損測試相關的非現金費用，報告的 GAAP EPS 為每股虧損 1.34 美元。不包括這些非現金減損費用以及我們今天早上的新聞稿中詳細說明的某些其他項目的影響，第二季度的調整後每股收益為每股 2.19 美元，同比增長 49%。合併總營收創第二季新高，年增 6%，合併毛利成長 12%，合併調整後 EBITDA 成長 22%。

Moving now to our Franchised Dealerships segment results. We generated second-quarter record Franchised revenues of $3.1 billion, up 6% year over year on a same-store basis. This revenue growth was driven by a 5% increase in same-store new retail volume and a 10% increase in same-store fixed operations revenues.

現在轉到我們的特許經銷商部門的業績。我們第二季的特許經營收入創下了 31 億美元的新高，同店營收年增 6%。這項營收成長得益於同店新零售量成長 5% 和同店固定營運收入成長 10%。

Second-quarter results benefited from an increase in consumer demand and new vehicle sales in April and early May, which we expect was the result of customers buying in advance of anticipated tariff-driven price increases. Our fixed operations gross profit and F&I gross profit also set all-time quarterly records, up 12% and 15% year over year, respectively, on a same-store basis. These two high-margin business lines continue to increase their share of our total gross profit pool, approaching 75% of total gross profit for the second quarter, mitigating the potential tariff impact on vehicle pricing and margin to our overall profitability, while also leveraging our SG&A expenses more efficiently than vehicle-related gross profit.

第二季業績受惠於 4 月和 5 月初消費者需求和新車銷售的成長，我們預期這是客戶在預期關稅驅動的價格上漲之前提前購買的結果。我們的固定營運毛利和財務及投資毛利也創下了季度歷史新高，以同店計算分別年增 12% 和 15%。這兩條高利潤率業務線在我們總毛利池中的份額繼續增加，接近第二季度總毛利的 75%，從而減輕了關稅對汽車定價和利潤率的潛在影響，並降低了整體盈利能力，同時比與汽車相關的毛利更有效地利用了我們的銷售、一般和行政費用。

Our same-store new vehicle GPU was $3,391, down 6% year over year, but up 10% sequentially from the first quarter due to a surge in pre-tariff consumer demand. On the used side of the Franchised business, same-store used volume decreased 4% year over year, driven by lower supply of late-model used vehicles and ongoing consumer affordability challenges. Same-store used GPU increased 2% sequentially to $1,590 per unit.

我們的同店新車 GPU 為 3,391 美元，年減 6%，但由於關稅前消費者需求激增，季增 10%。在特許經營業務的二手車方面，同店二手車銷量年減 4%，原因是新款二手車供應量減少以及消費者持續面臨的購買力挑戰。同店使用 GPU 的價格較上季成長 2%，達到每台 1,590 美元。

Our F&I performance continues to be a strength, with all-time record quarterly Franchised F&I GPU of $2,721 per unit in the second quarter, up 12% sequentially and 14% year over year. The continued growth in our F&I per unit supports our view that F&I per unit will remain structurally higher than pre-pandemic levels, even in a challenging consumer affordability environment, as we continue to fine-tune our F&I product offerings and cost structure.

我們的 F&I 業績繼續保持強勁，第二季特許 F&I GPU 創下每單位 2,721 美元的歷史新高，環比增​​長 12%，同比增長 14%。我們單位財務及保險費用的持續增長支持了我們的觀點：即使在消費者負擔能力面臨挑戰的環境下，隨著我們繼續調整財務及保險產品供應和成本結構，單位財務及保險費用仍將在結構上高於疫情前的水平。

Our parts and service, or fixed operations, business remains strong, with a 12% increase in same-store fixed operations gross profit in the second quarter. Same-store warranty gross profit continued to be a tailwind in the second quarter, up 34% year over year, and same-store customer pay gross profit grew 9% year over year and 7% sequentially. We believe this continued strength in customer pay revenues is attributable to the increase in technician headcount we achieved in 2024 and our efforts to not only retain these technicians, but to continue to grow our technician capacity in 2025.

我們的零件和服務（或固定營運）業務依然強勁，第二季同店固定營運毛利成長了 12%。第二季同店保固毛利持續保持強勁成長，年增 34%，同店顧客支付毛利年增 9%，季增 7%。我們相信，客戶支付收入的持續強勁歸功於我們在 2024 年實現的技術人員數量的增加，以及我們不僅努力留住這些技術人員，而且還努力在 2025 年繼續提高我們的技術人員能力。

Turning now to our EchoPark segment. Second-quarter segment income was an all-time quarterly record $11.7 million, and adjusted EBITDA was an all-time quarterly record of $16.4 million, up 128% year over year. For the second quarter, we reported EchoPark revenues of $509 million, down 2% year over year, and second-quarter record EchoPark gross profit of $62 million, which was up 22% year over year. EchoPark segment retail unit sales volume for the quarter increased 1% year over year, and EchoPark segment total GPU was an all-time quarterly record of $3,747 per unit, up $669 per unit year over year and $336 sequentially from the first quarter.

現在轉到我們的 EchoPark 部分。第二季分部營收達到創紀錄的 1,170 萬美元，調整後 EBITDA 達到創紀錄的 1,640 萬美元，年增 128%。我們報告稱，第二季 EchoPark 營收為 5.09 億美元，年減 2%，第二季 EchoPark 毛利創歷史新高，為 6,200 萬美元，年成長 22%。EchoPark 部門本季零售單位銷售量年增 1%，EchoPark 部門 GPU 總價格創下每台 3,747 美元的歷史新高，同比增長 669 美元，比第一季環比增長 336 美元。

We continue to believe that our data-driven, centralized inventory management strategy is a key differentiator for EchoPark, which should help to minimize disruptions from market volatility in the short term while maximizing EchoPark's long-term growth potential. When combined with the strategic adjustments we made to our EchoPark business model, we believe we are well positioned to resume disciplined, long-term growth for EchoPark in 2026, assuming used vehicle market conditions sufficiently improve.

我們仍然相信，我們的數據驅動、集中庫存管理策略是 EchoPark 的關鍵差異化因素，它有助於在短期內最大限度地減少市場波動帶來的干擾，同時最大限度地發揮 EchoPark 的長期成長潛力。結合我們對 EchoPark 業務模式所做的策略調整，我們相信，如果二手車市場狀況得到充分改善，我們將有能力在 2026 年恢復 EchoPark 的穩健、長期成長。

Turning now to our Powersports segment. We generated record second-quarter revenues of $48.1 million, up 21% year over year, and second-quarter gross profit of $12.5 million, up 17% year over year. Powersports segment adjusted EBITDA was $2 million, down 13% year over year, but beginning to ramp up ahead of what is typically a seasonally strong third quarter. We are beginning to see the benefits of our investment in modernizing the Powersports business, and we remain focused on identifying operational synergies within our current network before deploying capital to expand our Powersports footprint.

現在轉向我們的動力運動部分。我們第二季的營收達到創紀錄的 4,810 萬美元，年增 21%，第二季毛利達到創紀錄的 1,250 萬美元，年增 17%。動力運動部門調整後的 EBITDA 為 200 萬美元，年減 13%，但在通常季節性強勁的第三季之前開始回升。我們開始看到對動力運動業務現代化投資的益處，並且在部署資本擴大動力運動業務足跡之前，我們仍將專注於確定當前網路內的營運協同效應。

Finally, turning to our balance sheet. We ended the quarter with $775 million in available liquidity, including $210 million in combined cash and floor plan deposits on hand. Our focus on maintaining a strong balance sheet and liquidity position allowed us to complete the acquisition of four Jaguar Land Rover dealerships in California using cash and floor plan deposits on hand.

最後，來看看我們的資產負債表。本季末，我們擁有 7.75 億美元的可用流動資金，其中包括 2.1 億美元的現金和庫存平面圖存款。我們專注於保持強勁的資產負債表和流動性狀況，這使我們能夠利用手頭上的現金和平面圖存款完成對加州四家捷豹路虎經銷店的收購。

And I'd like to take this opportunity to welcome these teammates to the Sonic Automotive family. This acquisition closed on June 30, so there was no impact to our second-quarter results. But we do anticipate these stores will contribute approximately $500 million in annualized revenues to our Franchised Dealerships segment and make Sonic Automotive the largest Jaguar Land Rover retailer in the US, further enhancing our luxury brand portfolio.

我想藉此機會歡迎這些隊友加入 Sonic Automotive 大家庭。此次收購於 6 月 30 日完成，因此對我們的第二季業績沒有影響。但我們預計這些門市將為我們的特許經銷商部門貢獻約 5 億美元的年收入，並使 Sonic Automotive 成為美國最大的捷豹路虎零售商，進一步增強我們的豪華品牌組合。

Going forward, we remain focused on deploying capital via diversified growth strategy across our Franchised Dealerships, EchoPark, and Powersports segments to grow our revenue base and enhance shareholder returns. In addition, I'm very pleased to report today that our Board of Directors approved a 9% increase to our quarterly cash dividend to $0.38 per share, payable on October 15, 2025, to all stockholders of record on September 15, 2025.

展望未來，我們將繼續專注於透過特許經銷商、EchoPark 和 Powersports 部門的多元化成長策略來部署資本，以擴大我們的收入基礎並提高股東回報。此外，我很高興今天報告，我們的董事會批准將季度現金股利提高 9% 至每股 0.38 美元，將於 2025 年 10 月 15 日支付給 2025 年 9 月 15 日登記在冊的所有股東。

As we told you back in April, we continue to work closely with our manufacturer partners to understand the impact of tariffs on manufacturer production and pricing decisions and the resulting impact tariffs may have on vehicle affordability and consumer demand later this year. To date, we have not seen a material impact on vehicle pricing as a result of tariffs, but that could change as the model year 2026 vehicles begin to arrive at our dealerships late in the third quarter.

正如我們在四月份告訴您的那樣，我們將繼續與我們的製造商合作夥伴密切合作，以了解關稅對製造商生產和定價決策的影響，以及由此產生的關稅可能對今年稍後的汽車可負擔性和消費者需求產生的影響。到目前為止，我們還沒有看到關稅對汽車定價產生實質影響，但隨著 2026 年汽車在第三季末開始抵達我們的經銷店，這種情況可能會改變。

Despite this uncertainty, our team remains focused on near-term execution and adapting to ongoing changes in the automotive retail environment and macroeconomic backdrop, while making strategic decisions to maximize long-term results. Furthermore, we remain confident that we have the right strategy and the right people and the right culture to continue to grow our business and create long-term value for our stakeholders.

儘管存在這種不確定性，我們的團隊仍專注於近期執行並適應汽車零售環境和宏觀經濟背景的持續變化，同時做出策略決策以最大化長期成果。此外，我們仍然相信，我們擁有正確的策略、合適的人才和正確的文化，可以繼續發展我們的業務並為我們的利害關係人創造長期價值。

This concludes our opening remarks, and we look forward to answering any questions you may have. Thank you.

我們的開場白到此結束，我們期待回答您的任何問題。謝謝。

(Operator Instructions) Jeff Lick, Stephens.

（操作員指示）傑夫·利克，史蒂芬斯。

Good morning, gentlemen. Congrats on a great quarter again. I was wondering -- there's a lot of cross-currents and noise in 2Q. Obviously, the beginning of the quarter maybe looks a little different than the exit. You have some tariff deals. I'm just curious, of the things, what surprised you the most? What are you pleased with the most? And as we kind of head into the back half, what are the things you think are kind of indicative of how the back half will go versus you might say to the analyst community, hey, those particular metrics, I'd be cautious with those and don't read too much into them?

先生們，早安。再次恭喜您本季取得如此出色的成績。我想知道——第二季度存在著許多矛盾和噪音。顯然，本季初的情況可能與季度末的情況略有不同。您有一些關稅協定。我只是好奇，這些事情中最讓你驚訝的是什麼？您最滿意的是什麼？當我們進入後半段時，您認為哪些因素可以預示後半段的走勢？您可能會對分析師社群說，嘿，對於這些特定的指標，我會保持謹慎，不要過度解讀？

Hey, Jeff. It's Jeff Dyke. Yeah. I mean, obviously, the first part of the quarter took off due to the tariff noise. It did slow down at the end of June and was slow a little bit the first week or two of July. But what is surprising a little bit is the business, the back half of July is picking up nicely. We're going to have a great July. And that's not something that we really anticipated. We thought it would be more average given all the noise with the tariffs. Obviously, the Japan deal is going to help. We need to secure something with the EU. But that's a surprise.

嘿，傑夫。我是傑夫·戴克。是的。我的意思是，顯然，本季的第一部分由於關稅的影響而開始起飛。六月底確實有所放緩，七月頭一兩周也稍微放緩了。但有點令人驚訝的是，七月下半月的業務正在順利回升。我們將度過一個美好的七月。這並不是我們真正預料到的。我們認為，考慮到關稅帶來的所有麻煩，它會更加平均。顯然，與日本的協議將會有所幫助。我們需要與歐盟達成一些協議。但這確實令人驚訝。

I'm very proud of our F&I performance. We've worked very hard to increase our product penetration above the 2.0 mark. And we've worked very hard on reducing cost with our partners that provide the products. And the combination of those things has really driven, as you can see in the quarter, a nice, nice increase. And we expect that increase to continue. The $2,700 number is a number that feels good for us moving forward from a Franchised perspective for the rest of the year.

我對我們的財務和保險表現感到非常自豪。我們付出了巨大的努力來將我們的產品滲透率提高到 2.0 以上。我們與提供產品的合作夥伴一起努力降低成本。正如您在本季看到的那樣，這些因素的結合確實推動了可觀的成長。我們預計這種成長趨勢將持續下去。從特許經營的角度來看，2,700 美元這個數字讓我們對今年剩餘時間的進展感到樂觀。

And then obviously, we're very, very proud of the work that we've done at EchoPark. EchoPark is just on fire, selling a lot of cars. A little more margin pressure, I think, in the third quarter than we might anticipate in maybe the back half of the year, but we're hitting all of our expectations. Obviously, the profit's great. And that's putting us in a position to really begin to expand EchoPark as we move into 2026.

顯然，我們對在 EchoPark 所做的工作感到非常自豪。EchoPark 非常火爆，賣出了很多汽車。我認為，第三季的利潤壓力可能比我們預期的下半年要大一些，但我們已經達到了所有的預期。顯然，利潤是巨大的。這讓我們能夠在 2026 年真正開始擴建 EchoPark。

And this is David. I think that it's important to emphasize that our EchoPark stores still have a lot of runway left, a lot of performance increases to go yet in our current store base. I think that's exciting. And our team did, obviously, an outstanding job.

這是大衛。我認為需要強調的是，我們的 EchoPark 商店仍然有很大的發展空間，我們目前的商店基礎還有很大的性能提升空間。我認為這很令人興奮。顯然，我們的團隊做得非常出色。

Another point to note is that our Powersports business, again, is a seasonal business. And we're very excited that coming up next month is our 85th Annual Sturgis Motorcycle Rally, the 85th anniversary. We're expecting as many as 800,000 people will come out there for that. And we're expecting some huge numbers to report on that in the next quarter.

需要注意的另一點是，我們的動力運動業務同樣是季節性業務。我們非常高興下個月將舉行第 85 屆斯特吉斯摩托車拉力賽，這也是 85 週年紀念。我們預計將有多達 80 萬人前來參加。我們預計下個季度將會有大量數據報告。

And then just a quick follow-up. I'm curious your thoughts on the lease return kind of trough this year versus next year. I don't want to say it's going to be a boom, but it'd be hard for it not to be considerably better than this year. Curious how that ripples through both in your Franchised business and EchoPark.

然後只是快速的跟進。我很好奇您對今年和明年租賃回報低谷的看法。我不想說這將會是一個繁榮，但它很難不比今年好得多。好奇這會對您的特許經營業務和 EchoPark 產生怎樣的影響。

Yeah, that's huge. I mean, we are at the bottom of this now. And obviously, as lease returns pick up, that makes a huge difference in our used vehicle inventory and our ability to grow our volume. Makes it a lot easier to access inventory, so it's going to make a difference in '26. There's no question it'll help EchoPark as well. And then as we get into '27 and '28, it really gets back to the pre-pandemic levels. And that is a game changer from an EchoPark perspective.

是的，這很重要。我的意思是，我們現在已經處於困境之中。顯然，隨著租賃回報的增加，這將對我們的二手車庫存和增加銷售的能力產生巨大影響。這使得存取庫存變得更加容易，因此它將在 26 年產生影響。毫無疑問，它也會幫助 EchoPark。然後，當我們進入 27 年和 28 年時，它確實回到了疫情前的水平。從 EchoPark 的角度來看，這是一個改變遊戲規則的事件。

It does help our Franchised business, there's no question. But it allows EchoPark to have access to inventory that's just really not as accessible right now. We're doing a great job buying more cars off the street. We're hitting, at times, above 40% of our total mix off the street in trades, which is huge; that's double what we were doing last year. But the lease returns are going to make a big, big difference. And it's just a honey hole that's coming for us.

毫無疑問，它確實對我們的特許經營業務有幫助。但它允許 EchoPark 訪問目前實際上無法訪問的庫存。我們在購買更多街頭汽車方面做得很好。有時，我們在街上進行的交易占到了總交易量的 40% 以上，這是一個巨大的數字；這是我們去年交易量的兩倍。但租賃回報將會產生巨大的影響。這只不過是一個向我們襲來的蜜洞而已。

Awesome. Well, thanks very much, and look forward to chatting with you later.

驚人的。好的，非常感謝，期待稍後與您聊天。

Thanks, Jeff.

謝謝，傑夫。

Thank you.

謝謝。

Rajat Gupta, JPMorgan.

摩根大通的 Rajat Gupta。

Great. Thanks for taking the questions. I had one question on EchoPark and just one follow-up on GPU.

偉大的。感謝您回答這些問題。我對 EchoPark 有一個疑問，對 GPU 來說只有一個後續問題。

On EchoPark, if you look at just the volume trajectory in the second quarter, obviously GPU is very strong. Is there an element of fear over here of trading off one for the other? Because we would have expected volumes to do better just relative to the industry seasonality. So curious if there is a bit of a change in approach or strategy as to how you want to grow overall EchoPark profits versus just like historically how you had wanted to grow the business. And I have a quick follow-up. Thanks.

在 EchoPark 上，如果只看第二季的銷量走勢，顯然 GPU 非常強大。這裡是否存在一種擔心用一個來取代另一個的因素？因為我們預期銷售量相對於產業季節性而言會表現較好。所以我很好奇，您是否在方法或策略上發生了一些變化，即如何增加 EchoPark 的整體利潤，而不是像過去那樣發展業務。我有一個快速的後續行動。謝謝。

We're just being cautious in terms of the inventory management, and Tim can chime in here in a sec. But yeah, we're being cautious in terms of how much inventory we're buying and maximizing our margin. So the total gross dollars is growing the bottom line. And just -- I would expect this to kind of continue for the rest of this year, kind of in this range in comparison to last year, somewhere in this ballpark.

我們只是在庫存管理方面保持謹慎，蒂姆可以馬上加入。但是，是的，我們在購買庫存數量和最大化利潤方面非常謹慎。因此總毛收入正在增加。而且——我預計這種情況將在今年剩餘時間內持續下去，與去年相比，大概會在這個範圍內。

And then for us, I think we announced $50 million to $55 million in terms of EBITDA for the year now, upping our guidance from $30 million to $35 million, I think. So yeah, I think that's right. But it doesn't mean there's not more volume there. We're just being real cautious and not going out overbuying and making some of the mistakes that we see happening out there today. And so it's not a concern for us. We can turn up the volume when we want, but we're just managing the gross and the profit in the volume.

對我們來說，我認為我們宣布今年的 EBITDA 為 5000 萬至 5500 萬美元，將我們的預期從 3000 萬美元提高到 3500 萬美元。是的，我認為這是對的。但這並不意味著那裡沒有更多的交易量。我們只是非常謹慎，不會過度購買，也不會犯下今天看到的一些錯誤。所以這不是我們關心的問題。我們可以隨時提高產量，但我們只是在產量中管理毛利和利潤。

And I think Tim and team are doing a great job. Tim, do you want to add to that?

我認為蒂姆和他的團隊做得很好。提姆，你想補充一下嗎？

Yeah. I mean, the second quarter, we saw a fairly unstable MMR market going on the upside, probably caused by the tariff scares as well. And so we managed through that very strategically, held on to our gross, didn't buy up, kept day supply where we wanted it. And I thought we managed through that well, and we'll continue to do that through the rest of the year as we see opportunities.

是的。我的意思是，第二季度，我們看到 MMR 市場相當不穩定，呈上升趨勢，這可能也是由關稅恐慌造成的。因此，我們非常有策略地解決了這個問題，保持了總產量，沒有被全部買走，而是將每日供應量保持在我們想要的水平。我認為我們很好地解決了這個問題，並且在今年剩餘的時間裡，只要我們看到機會，我們就會繼續這樣做。

And I think one more point -- this is Danny -- if you look at the trend in SG&A at EchoPark, despite the fact that we saw that sequential step down in volume, the SG&A actually levered about 110 basis points from 1Q to 2Q. So it just proves we've got some flexibility in the model based on the different contributions of gross, be it volume, front end gross, or F&I, that we can adapt and flex over the next couple of quarters here as the used market becomes more of a tailwind for us.

我想再說一點——這是丹尼——如果你看一下 EchoPark 的銷售、一般和行政費用趨勢，儘管我們看到交易量連續下降，但從第一季度到第二季度，銷售、一般和行政費用實際上上漲了約 110 個基點。因此，這證明我們在基於總收入不同貢獻的模型中具有一定的靈活性，無論是銷售量、前端總收入還是財務和保險，隨著二手市場對我們來說變得更加順風，我們可以在接下來的幾個季度內進行調整和靈活調整。

Got it. Yeah, it was nice to see the SG&A step down clearly.

知道了。是的，很高興看到銷售、一般及行政費用明顯下降。

And then, sorry, I have just one more on just F&I before the GPU question. You mentioned some of the changes in your agreements with the partners that drove the F&I increase. Curious if you could elaborate a bit more on that. Was it on the warranty side? Was it on like the lending side? And was this something that was left on the table like in the past and this is like more entitlement levels? I'm just curious if we could get a little more color on that.

然後，抱歉，在 GPU 問題之前，我只想再問一個關於 F&I 的問題。您提到了與合作夥伴達成的協議中的一些變化，這些變化推動了財務和保險費用的增加。好奇您是否可以對此進行更詳細的闡述。是在保固方面嗎？這就像是貸款嗎？這是否像過去一樣被擱置了，並且更像是權利等級？我只是好奇我們是否可以對此了解更多。

Yeah, sure. Mostly -- this is Jeff -- on the product side. And what we did was put RFQs out, RFPs out, and renegotiated all our positions. And our team did an amazing job. We've been doing that since maybe the end of last year to now, and that's starting to really pay off.

是的，當然。主要——這是傑夫——在產品方面。我們所做的就是發出 RFQ、RFP，並重新協商我們所有的立場。我們的團隊做得非常出色。我們從去年年底到現在一直在這樣做，現在開始真正獲得回報。

We're saving a ton of money. We've been making our partners a lot of money selling their products. And as we studied that and we looked at how much money they were making, we thought there was opportunity there for us to share in some of the dollars. And that came to fruition, and so we're hitting it. Not only are we performing better at the store level, but we're also going out and reducing our costs.

我們節省了大量的錢。我們透過銷售合作夥伴的產品為他們賺取了很多錢。當我們研究這一點並看到他們賺了多少錢時，我們認為我們有機會分享一些收益。現在這個目標已經實現，所以我們開始努力。我們不僅在商店層面表現得更好，而且還在降低成本。

So those things are coming together at the same time. And that's driving much higher penetrations. It's driving better margin. And what's great is, if we don't sell one more car or one more product, we're making more money. And that was a big focus for us. Like technicians were the first half of last year, this has been a big focus for us the first half of this year, and it's really beginning to pay off. And we expect that to continue as we move forward.

所以這些事情是同時發生的。這推動了滲透率的大幅提高。這會帶來更好的利潤。最棒的是，如果我們不多賣出一輛車或一件產品，我們就能賺更多的錢。這是我們關注的重點。就像去年上半年的技術人員一樣，這也是我們今年上半年關注的重點，而且確實開始獲得回報。我們期望這種情況能夠持續下去。

Got it. That's very clear. And just lastly, just on new GPUs, just more housekeeping question. Any color you could give us on how like the different month of the quarter did on the new vehicle GPU, April, May, June, how that trended, that would be helpful. Thanks.

知道了。這非常清楚。最後，關於新的 GPU，還有更多常規問題。您能否向我們提供有關本季度不同月份新車 GPU 的表現情況（四月、五月、六月）的詳細信息，以及趨勢如何，這將會很有幫助。謝謝。

Yeah. GPUs in the beginning of the quarter were stronger than they were at the end of the quarter.

是的。本季初的 GPU 比季度末的 GPU 更強勁。

Yeah. As we mentioned, the demand spike that I talked about in our opening comments with the anticipation of the tariffs coming in, people did absolutely rushed out to buy.

是的。正如我們所提到的，我在開場白中談到了由於預期關稅即將實施而出現的需求激增，人們確實爭相購買。

Yeah. I mean, we're $3,600 in that ballpark in April, maybe $3,250 in May and $3,300, but it's the end of the quarter, so we get some pickups and stuff in June. But the front end margin for new is materially higher than what we even anticipated it to be for this calendar year. And I think it's going to stay in the same ballpark that we've been running. There's not any reason for it to massively drop off, which is great. That's a great tailwind for us for the remainder of the year.

是的。我的意思是，我們在四月份的預算大概是 3,600 美元，五月大概是 3,250 美元，五月是 3,300 美元，但現在是季度末，所以我們會在六月獲得一些提貨和其他東西。但新產品的前端利潤率大大高於我們對今年的預期。我認為它會保持在我們一直以來運行的相同範圍內。沒有任何理由導致其大幅下降，這很好。這對我們今年剩餘時間的業績來說是一個巨大的推動力。

Understood. Thanks for all the color, and good luck.

明白了。感謝所有的色彩，祝你好運。

You bet. Thank you.

當然。謝謝。

Thank you.

謝謝。

Chris Pierce, Needham & Company.

克里斯·皮爾斯（Chris Pierce），Needham & Company。

Hey. Good morning, everyone. Can you just go in deeper on Rajat's question there? If we look at front end growth at EchoPark, I just want to confirm, is that sort of a change in strategy or it's due to certain market dynamics in this point in time? Because I noticed now you're guiding to total vehicle GPU, not F&I GPU. So I just kind of want to get a sense of if it's just a unique moment in time, you're able to take advantage of that, or due to inventory, or if it's sort of business as usual going forward.

嘿。大家早安。您能更深入地解釋一下 Rajat 的問題嗎？如果我們看一下 EchoPark 的前端成長，我只想確認，這是策略的改變還是由於此時的某些市場動態？因為我現在註意到您指導的是整車 GPU，而不是 F&I GPU。所以我只是想知道這是否只是一個獨特的時刻，你是否能夠利用它，或者由於庫存，或者這是否會像往常一樣繼續營業。

At the end of the day, we're buying more cars off the street. And as we buy more cars off the street, margin is going to go up. And that 40% number I was talking about makes a big difference there. But we do expect margin pressure in the third and fourth quarter.

最終，我們會從街上購買更多的汽車。隨著我們從街上購買更多的汽車，利潤率將會上升。我所說的 40% 這個數字有很大的不同。但我們確實預期第三季和第四季利潤率將面臨壓力。

Used car inventory is moving around. Manheim -- as Tim said earlier, the Manheim indexes are moving around. A lot of that's being played off just because of the tariffs. So it's going to be in and around the same ballpark. But if there's $50 or $100 worth of margin pressure there, it's probably somewhere in that ballpark in total and should get better as we go towards the end of the year.

二手車庫存正在流動。曼海姆—正如提姆之前所說，曼海姆指數正在波動。很多問題只是因為關稅而被擱置。所以結果會大致相同。但如果利潤壓力有 50 美元或 100 美元，那麼整體情況可能就在這個範圍內，而且到年底時情況會有所改善。

But there's a little uncertainty out there right now, and we'll see how that plays out. Not concerned in terms of the overall volume and the profitability, that should continue to stay solid; that's why we took our forecast up for the year.

但目前存在一些不確定性，我們將拭​​目以待。就整體銷售和獲利能力而言，我們並不擔心，這一勢頭應該會繼續保持穩固；這就是我們將今年預測預測的原因。

Okay. Perfect.

好的。完美的。

Chris, this is David Smith. And something to note is, you remember our first EchoPark stores we opened in 2014. And if you look at our guest experience and our market penetration, in a lot of markets, we're the number one used dealer in the market.

克里斯，這是大衛史密斯。值得注意的是，您還記得我們於 2014 年開設的第一家 EchoPark 商店。如果你看看我們的客戶體驗和市場滲透率，你會發現在許多市場中，我們都是市場上排名第一的二手車經銷商。

And if you look at our -- we've got now over 100,000 five-star reviews. A big part of that of our GPU, I think, is our guest experience and our repeat customers who are just choosing to buy from us. Again, we've had multiple sales to the same family. And they tell us that it's the entire guest experience, I think, that's paying off for us. So it's the -- we have the number one rated guest experience in the industry.

如果你看一下我們的——我們現在已經有超過 100,000 則五星評論。我認為，我們的 GPU 很大一部分是我們的客戶體驗和選擇從我們這裡購買的回頭客。再次，我們向同一個家庭進行了多次銷售。他們告訴我們，我認為整個客人體驗對我們來說是值得的。所以，我們擁有業界排名第一的客戶體驗。

And Chris, to your point -- this is Danny -- on the total GPU shift in the guide away from the F&I piece, you've seen now for the last two quarters, we've improved our EchoPark F&I per unit by about $200 a unit quarter over quarter, both in 1Q and in 2Q, and driven by some of the cost structure negotiations that Jeff was talking about. But that gives us more flexibility in terms of the total gross profit equation for EchoPark. And it's something where if we face front-end margin pressure, as Jeff -- as Tim has said, in the coming quarters, the F&I gains help us maintain that kind of total $3,400 to $3,800 range, which is pretty comparable to what we make on our Franchised side, despite the pricing differences at EchoPark.

克里斯，關於你提到的問題——我是丹尼——關於指南中遠離財務和保險部分的總體 GPU 轉變，你已經看到，在過去兩個季度中，無論是在第一季度還是在第二季度，我們的 EchoPark 財務和保險每單位成本都比上一季度提高了約 200 美元，這是由傑夫談到的一些成本結構談判推動的。但這為我們在 EchoPark 的總毛利方程式方面提供了更大的靈活性。正如傑夫和蒂姆所說，如果我們在未來幾季面臨前端利潤壓力，財務和保險收益將幫助我們維持 3,400 美元至 3,800 美元的總利潤範圍，儘管 EchoPark 的定價存在差異，但這與我們在特許經營方面的收入相當。

Okay, perfect. And then just kind of playing off of that, you had talked about the RFQs you put out there for -- with your existing lenders. Are you seeing new lenders come to the auto loan market the way like Carvana's talking about finding new lenders? And is that causing sort of -- I don't want to say a power shift, but a dynamic shift where you're able to have a little more pricing power? Or is this just leverage with existing lenders as you kind of grow the relationships and have these long-standing relationships?

好的，完美。然後，基於這一點，您談到了向現有貸款人發出的 RFQ。您是否看到新的貸款人進入汽車貸款市場，就像 Carvana 談論尋找新的貸款人一樣？這是否會導致某種——我不想說是權力轉移，而是一種動態轉移，讓你能夠擁有更多的定價權？或者這只是利用現有貸款人的優勢來發展關係並建立長期關係？

Yeah. And this is product providers that we're talking about more along the lines of warranty and GAAP, and those products that we sell, that's where we're getting the leverage. We're not seeing a run of new lenders coming into the marketplace. Our margin that we're making from financing is relatively the same.

是的。我們正在談論的產品提供者更多地涉及保固和 GAAP，而我們銷售的產品就是我們獲得優勢的地方。我們並未看到大量新貸款機構進入市場。我們從融資中獲得的利潤相對相同。

Where we're getting our pickup is through product sales and the cost reductions that we're seeing there. And that's just going back and really working hard. The teams work very hard on restructuring deals. Still giving great wins to our partners, there's no question, but sharing in some of the wins that they've had over the years on the backs of our team working really hard to grow their business.

我們實現成長的途徑是透過產品銷售和成本降低。這就是回去並真正努力工作。這些團隊非常努力地進行重組交易。毫無疑問，我們仍在為我們的合作夥伴帶來巨大的勝利，但我們也分享了他們多年來在我們的團隊努力發展業務的支持下取得的一些勝利。

And so we want to share in some of that, and that's what's happening. And you're seeing our cost reduce, thus growing our margin, which is great. Like I said earlier, we don't have to sell another car, we don't have to sell another product. We can keep the same numbers and have better results because of the work the team has done.

因此，我們希望分享其中的一些內容，而這正是正在發生的事情。而且您會看到我們的成本降低了，從而利潤增加了，這很好。就像我之前說的，我們不必再賣一輛汽車，我們不必再賣另一款產品。由於團隊的努力，我們可以保持相同的數字並取得更好的結果。

Okay, perfect. And just lastly for me real quick, EchoPark unit guidance is unchanged, which implies maybe a little bit of a modest pickup in the second half -- not pickup, but in the sense of pickup in terms of the growth you just printed at EchoPark units. Is that driven by easier comps in the second half of the year, or is that just some end market view?

好的，完美。最後，對我來說，EchoPark 單位指導保持不變，這意味著下半年可能會出現小幅回升 - 不是回升，而是從您剛剛在 EchoPark 單位上公佈的增長意義上的回升。這是由於下半年可比價格更容易上漲所致，還是只是一些終端市場觀點？

It's a little bit of a combination of the two. If you were to look at the back half of '24, there were some challenges. There were some pockets of consumer weakness on the used car side. So it's a combination of those two things, I think, as we look forward.

這有點像是兩者的結合。如果你回顧 24 年的後半段，你會發現有些挑戰。二手車市場存在一些消費疲軟現象。所以，我認為，正如我們展望的那樣，這是這兩件事的結合。

Okay. Thanks for everything.

好的。謝謝你的一切。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions) Brett Jordan, Jefferies.

（操作員指示） Brett Jordan，Jefferies。

Hey. Good morning, guys. This is Patrick Buckley on for Brett. Thanks for taking our questions. On the Franchised used GPU side, with the first half settling a bit above the upper end of the $1,500 annual guide, should we expect some moderation into the second half? And what sort of headwinds could you be expecting there?

嘿。大家早安。這是 Patrick Buckley 代替布雷特 (Brett)。感謝您回答我們的問題。在特許二手 GPU 方面，上半年價格略高於 1,500 美元年度指導價的上限，我們是否應該預期下半年價格會有所緩和？您預計會遇到什麼樣的阻力？

I think that we're going to be in and around that number. It could be just a little bit like at EchoPark. July and August, we're just not quite sure from a tariff perspective what's happening. It's putting day supply pressure, and manufacturers are acting a little quirky trying to get us to take inventory and put inventory in loaner cars and do things that they had been getting away from. So it might put a little pressure, but in and around that number, I feel comfortable. Yeah, the volume should be higher.

我認為我們將會達到這個數字左右。它可能有點像 EchoPark。七月和八月，從關稅角度來看，我們不太確定會發生什麼事。這給日供應帶來了壓力，製造商的行為有些奇怪，試圖讓我們清點庫存，把庫存放到借用的汽車上，做他們一直在逃避的事情。因此，這可能會帶來一點壓力，但在這個數字左右，我感覺很舒服。是的，音量應該要更大一些。

Got it. That's helpful. And then I guess going off that, as you said, a lot of moving pieces with tariffs you have to shake out. But could you talk a bit about your expectations for new vehicle SAAR trajectory from here and expectations for second half and maybe the annual year?

知道了。這很有幫助。然後我想，正如你所說，你必須解決關稅方面的許多變動因素。但是，您能否談談您對目前新車 SAAR 走勢的預期以及對下半年甚至全年的預期？

I mean, your guess is as good as mine. At the end of the day, in the quarter, we went from $17 million to $15 million, so it's all over the board. But a $15 million, $16 million SAAR kind of feels right somewhere in that ballpark. Unless something else crazy happens and we get another pull ahead or something, something happens. But somewhere in that ballpark is kind of our guess. Yeah, interest rates drop. That could change the game as well. We'll just have to see. But it's somewhere in that ballpark.

我的意思是，你的猜測和我的一樣好。最終，本季我們的收入從 1700 萬美元增加到了 1500 萬美元，所以一切都很順利。但 1500 萬美元、1600 萬美元的 SAAR 感覺就在這個範圍內。除非發生其他瘋狂的事情，我們再次領先或發生其他事情，否則就會發生一些事情。但這個大概只是我們的猜測。是的，利率下降了。這也可能改變遊戲規則。我們只能拭目以待。但大概就是這樣。

Got it. That's all from us. Thanks, guys.

知道了。我們就講到這裡。謝謝大家。

Thanks, Patrick.

謝謝，派崔克。

There are no further questions at this time. I'll turn the call back over to David Smith for closing comments.

目前沒有其他問題。我將把電話轉回給大衛史密斯 (David Smith) 來做最後發言。

Well, thank you, everyone, for joining us for the call. We'll speak with you next quarter. Have a great day.

好吧，謝謝大家參加我們的電話會議。我們將在下個季度與您交談。祝你有美好的一天。

Ladies and gentlemen, thank you for your participation. This concludes today's teleconference. You may disconnect your lines and have a wonderful day.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。您可以斷開線路並度過美好的一天。